EIA raises its forecast for 2024 and 2025 world oil demand

• EIA rases forecast for 2024 world oil demand by 180k bpd, now sees 1.1 mbpd increase
• Raises 2025 forecast by 80k bpd, now sees 1.5m y/y increase
• Sees US 2025 output up 470k bpd vs 530k bpd prior

If those increases hit, it still won’t be enough to soak up all the spare OPEC capacity. These are small changes at the margin but the direction of the change highlights trends in underlying demand.

WTI crude oil is up 34-cents to $78.08 today and is higher than pre-OPEC decision levels.

This article was written by Adam Button at www.forexlive.com.